Singapore’s OUE trims conversion price of perpetual preferred units

By Susanna Moon

Chicago, Sept. 11 – OUE Commercial REIT Management Pte. Ltd., as manager of OUE Commercial Real Estate Investment Trust and of OUE C-REIT, said the conversion price will be adjusted for the 375 million of outstanding convertible perpetual preferred units of OUE C-REIT in connection with a planned rights issue.

The conversion price was lowered to S$0.7154 from S$0.841 for each unit on the issue date of the rights units, which is expected to be Oct. 30, according to a notice.

OUE said it plans to raise about S$587.5 million through the renounceable rights issue of 1,288,438,981 new units in OUE C-REIT.

The units were previously issued by the manager to Clifford Development Pte. Ltd., a subsidiary of OUE Ltd., as part payment of the purchase amount to OUE Ltd. for OUE C-REIT’s acquisition of an 83.33% indirect interest in OUB Centre Ltd., which owns 81.54% of the beneficial interest in One Raffles Place. Clifford Development Pte. Ltd. is the only holder of the units.

OUE Ltd. owns 100% of the manager and through its 100% interest in Clifford Development Pte. Ltd. and the manager owns 55.9% of the units of OUE C-REIT.

OUE Ltd. is a Singapore-based real estate developer.

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